Current Report Filing (8-k)

Date : 01/03/2020 @ 9:06PM
Source : Edgar (US Regulatory)
Stock : MMEX Resources Corporation (PK) (MMEX)
Quote : 0.0001  0.0 (0.00%) @ 12:20PM

Current Report Filing (8-k)

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 205490

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OFTHE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): December 27, 2019

 

MMEX RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada

 

333-152608

 

26-1749145

(State of

incorporation)

 

(Commission File

Number)

 

(IRS Employer

Identification Number)

 

3616 Far West Blvd., #117-321

Austin, Texas 78731

(Address of principal executive offices)

 

Registrant's telephone number, including area code: (855) 880-0400

 

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the reporting obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act

¨ Soliciting material pursuant to Rule 14a-12 of the Exchange Act

¨ Pre-commencement communications pursuant to Rule 14d-2(b) Exchange Act

¨ Pre-commencement communications pursuant to Rule 13e-4(c) Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act: N/A

 

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 
 
 
 

  

Item 3.02 Unregistered Sales of Equity Securities

 

On December 27, 2019, we issued and delivered convertible promissory notes in the aggregate principal amount as follows:

 

Name

 

Dollar Amount

 

 

 

 

 

Maple Resources Corporation (“Maple”)

 

$ 11,000

 

BNL Family Trust (“BNL”)

 

 

11,000

 

Nabil Katabi

 

 

10,000

 

Non-affiliate

 

 

10,000

 

 

Maple and BNL are affiliates of Jack Hanks (CEO and director) and Bruce Lemons (director), respectively. Mr. Katabi is an existing holder of more than 5% of the Company’s equity securities. The holders have all provided working capital and/or consulting services to the Company and agreed to accept the notes in lieu of cash payment. Each of the holders immediately converted the unpaid principal balance of the newly issued notes into shares of the Company’s common stock at a conversion price of $.0000011 (or 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty trading days prior to the date of conversion) as follows:

 

Name

 

Number of Shares

 

 

 

 

 

Maple Resources Corporation (“Maple”)

 

 

10,000,000,000

 

BNL Family Trust (“BNL”)

 

 

10,000,000,000

 

Nabil Katabi

 

 

9,090,909,091

 

Non-affiliate

 

 

9,090,909,091

 

 

The Company has outstanding convertible notes which require us to create a reserve out of our authorized common stock generally equal to a multiple of four to six times the number of shares estimated to be issued upon the conversion of such notes. Although we have a substantial number of authorized and unissued shares and are in process of increasing our authorized shares of common stock to 37 billion shares, our reserves of available authorized shares for conversion of outstanding convertible notes have been inadequate as a result of the continued low trading price of our common stock and the anti-dilution provisions of the convertible notes. Accordingly, the persons listed above have agreed to defer the receipt of their issued shares until the holders of convertible notes have released the reserves of available authorized shares or such notes have been retired or converted, whichever is earlier.

 

The issuances described in this Item 3.02 are exempt from registration pursuant to the exemption provided by Section 4(2) of the Securities Act of 1933.

 

 
2
 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MMEX Resources Corporation
        
Date: January 3, 2020 By: /s/ Jack W. Hanks

 

 

Jack W. Hanks, President and Chief Executive Officer

 

  

 
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